Business Law
Corporations- LLC- Partnerships
If you are considering incorporating your business as an LLC partnership, it is imperative that you hire the services of a licensed and experienced business attorney. First, it is important to determine if an LLC partnership is the best avenue for your business. An LLC partnership, or Limited Liability Company is a decision that should not be taken lightly. You should discuss all of your options with your attorney to ensure that you are choosing the best avenue for your business.
Under a LLC partnership, the owner of the business would essentially be protected of their personal assets being used if they were held liable for the any expenses. If you are a sole proprietor and someone sues your company, you may be held personally liable for any damages awarded. This means that your home, accounts, and personal assets would be liable for the judgment. With a LLC partnership, your personal assets are protected. This is also the case if an employer were to go out of business. If an employer has a company with employees, where the employees receive a trust fund, and the company goes out of business, under a sole proprietorship, the business owner may be held responsible for paying employment taxes, and other insurance fees.
Since there are many aspects involved in becoming a Limited Liability Company, it is imperative that you seek the counsel and advice of an experienced licensed attorney to make sure that you are taking the best steps for your business.
Many attorneys will agree that a LLC Partnership offers the best and most comprehensive legal and tax protection for a business. It should also be realized that even if you have an Internet or E-Commerce business, that you should consider becoming an LLC partnership. No matter what your business, how many members you have, or the way your business is currently set up, you’ll find that it is wise to meet with an attorney for a consultation.
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